Financial market bubbles and crashes / Harold L. Vogel.
By: Vogel, Harold L.
New York : Cambridge University Press, 2010Description: xxvi, 358 p. : ill. ; 25 cm.ISBN: 0521199670 (hardback); 9780521199674 (hardback).Subject(s): Capital market | Commercial crimes | Financial crisesGenre/Form: Print books.DDC classification: 338.5/42| Current location | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|
| On Shelf | HG4523 .V64 2010 (Browse shelf) | Available | AU0000000002545 |
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| HG4521 .W55 2023 v.5 Wiley's study guide for 2023 level III CFA exam : complete set. | HG4523 .F33 2015 Capital markets : institutions, instruments, and risk management / | HG4523 .S568 2014 Financial markets, banking, and monetary policy / | HG4523 .V64 2010 Financial market bubbles and crashes / | HG4524 .L36 2016 Selling hope, selling risk : corporations, Wall Street, and the dilemmas of investor protection / | HG4529 .M3748 2019 Fast forward investing : how to profit from artificial intelligence, robotics, and other technologies reshaping our lives / | HG4529 .P568 2020 Equity Asset Valuation. |
Includes bibliographical references and index.
Part I. Background for Analysis -- 1. Introduction -- 2. Bubble stories -- 3. Random walks -- 4. Bubble theories -- 5. Framework for investigation -- Part II. Empirical Features and Results -- 6. Bubble basics -- 7. Bubble dynamics -- 8. Money and credit features -- 9. Behavioral risk features -- 10. Crashes, panics, and chaos -- 11. Financial asset bubble theory.
"Despite the thousands of articles and the millions of times that the word 'bubble' has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study 'bubble' and 'crash' conditions. This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher.
"One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word "bubble" has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study "bubble" and "crash" conditions. This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory"--Provided by publisher.